The Supreme Court has reversed the decision of the Court of Appeal that nullified the forfeiture of assets linked to former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, restoring an earlier judgment that permanently vested the properties in the Federal Government.
In a unanimous judgment delivered on Friday, a five-member panel of the apex court, headed by Justice Ibrahim Saulawa, upheld the appeal challenging the appellate court’s ruling and reinstated the final forfeiture order issued by the Federal High Court in Lagos.
The verdict effectively ends Emefiele’s legal battle over the ownership of the properties, affirming the Federal Government’s right to retain the assets through the Economic and Financial Crimes Commission (EFCC).
The Court of Appeal, Lagos Division, had previously overturned the Federal High Court’s forfeiture order after ruling that individuals claiming ownership of some of the properties were denied fair hearing. It consequently directed that the matter be returned to the trial court for fresh proceedings.
However, dissatisfied with that outcome, the EFCC approached the Supreme Court, urging it to set aside the appellate court’s judgment and restore the original forfeiture order.
Delivering its decision on Friday, the apex court agreed with the anti-graft agency’s position, nullified the Court of Appeal’s ruling and reaffirmed the judgment of the Federal High Court.
The dispute dates back to November 1, 2024, when Justice Dehinde Dipeolu of the Federal High Court in Ikoyi, Lagos, ordered the final forfeiture of assets allegedly linked to the former CBN governor.
The order followed an application filed by the Economic and Financial Crimes Commission through a legal team led by Senior Advocate of Nigeria, Rotimi Oyedepo.
Among the assets permanently forfeited are $2.045 million, two share certificates belonging to Queensdorf Global Fund Limited Trust and seven high-value properties spread across Lagos and Delta states.
The properties include two fully detached duplexes located at No. 17B Hakeem Odumosu Street, Lekki Phase 1, Lagos; an undeveloped parcel of land measuring 1,919.592 square metres on Oyinkan Abayomi Drive, Ikoyi; a bungalow at No. 65A Oyinkan Abayomi Drive; and a four-bedroom duplex on Probyn Road, Ikoyi.
Also affected by the forfeiture order are an industrial complex under construction on 22 plots of land in Agbor, Delta State; an eight-unit apartment complex on Adekunle Lawal Road, Ikoyi; and a fully detached duplex situated on Bank Road, Ikoyi.
In a separate but related development, Justice Ayokunle Faji of the Federal High Court, Lagos, in March 2025, also ordered the permanent forfeiture of $1.4 million linked to alleged fraudulent activities involving Emefiele.
Although the Court of Appeal later overturned the forfeiture of the seven properties and directed a retrial on the grounds that interested parties were not given an opportunity to be heard, the Supreme Court has now restored the original judgment, bringing the protracted legal dispute over the assets to a close.
With the apex court’s decision, the forfeited properties and assets remain permanently vested in the Federal Government through the EFCC.
(Ripples)